BankThink

As the COVID-19 virus spreads globally, many U.S. financial institutions are said to be taking steps to protect employees and minimize disruption. But only a handful are sharing specifics, to avoid contributing to any public panic.

Under CEO Charlie Scharf, the bank that has historically viewed itself as more Main Street than Wall Street is becoming deeply embedded in the nation’s financial capital and its hard-charging culture.

At a credit union conference, Rep. Blaine Luetkemeyer, R-Mo., said Congress has "got to be pushing back" against the Current Expected Credit Losses standard, while Rep. Steve Stivers, R-Ohio, indicated that not all Republicans view the cannabis banking issue the same way.

Fintechs like LendingClub and Varo Money illustrate how the traditional financial system is changing. Banks that don’t rapidly evolve with technology will be obsolete.

With its expenses soaring, the Toronto company has taken a $250 million restructuring charge to cover severance from staff reductions.